home buying process?
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I’m a first time home buyer аnd I аm trying tο bυу a home іn NYC. I already gοt a preapproval аnd I hаνе found thе home thаt I wanted whісh іѕ a foreclosure. I wіll bе getting thе inspection done іn thе next few days, bυt hаνе a few qυеѕtіοnѕ аbουt thе rest οf thе process. Mу realtor ѕаіd thаt thе inspection needs tο bе done before thе bank sends out thе contract tο thе lawyer? Iѕ thіѕ normal procedure? Whеn dο I call thе mortgage people tο mονе forward wіth thе loan? Iѕ іt аftеr I gеt thе inspection done? Thanks fοr thе hеlр.
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Filed under: Foreclosure
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After the inspection is done. The inspector should send their findings to the loan officer. After which, you willproceed with all else until you close.
You should start talking to the mortgage people now. Getting a mortgage usually takes about 3 weeks between you getting your paperwork together, getting your application filled out, the bank processing your application and performing an appraisal on the house. This is usually just done by computer now – just to make sure the house exists, it’s in good condition, and that the price is reasonable. You may need to send the bank a copy of your inspection as well.
Once the inspection has been done, then you and your realtor can adjust your offer – maybe ask the seller (the bank) to make certain repairs, or at least lower the price so you can use that money to make them yourselves.
Both you and the bank will make a list of contingencies – these are requirements that must be met for the deal to complete. “Getting the loan approved” will be one of the contingencies, so starting your paperwork as early as possible is a good idea.
Once both sides agree to all the conditions and contingencies, then you enter escrow. It usually takes another 2 or 3 weeks to finish all the contingencies – last of which will be signing the mortgage papers and the deed. After that, you get your keys and can start enjoying your new house.
Good luck.
Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing office
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